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By initiating coverage, FBR will consider the REITs' past stock performance to observe indicators for future performance. It also released its first assessment of the four REITS.

Sovran Self Storage and U-Store-It Trust started with an Outperform rating. Public Storage and Extra Space Storage have a Market Perform rating.

An FBR analyst said the self-storage industry is slowly recovering, marked by a weak demand and low supply. However, the analysts said the REITs have a distinct advantage in today’s commercial sector and expect above-average operational performance from the industry as a whole.